CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

Walk the Talk and Break the Desk-bound Habit

Wood-bridgeChocolate is actually good for us? A glass of red wine per the doctor’s orders? These are just a few examples of seemingly incompatible matches that come together to deliver the most unexpected benefits. Balancing work commitments and a lifestyle that builds a healthy mind and body can be surprisingly symbiotic.  

There’s no shortage of research reports and studies advising us of the need to exercise regularly.  On the other hand, job responsibilities continue to broaden due to higher performance standards and greater unpredictability in the marketplace.

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11 Easy Ways to Build Good Client Relationships

HandshakeIt is important that we, as CPAs and trusted advisers, work on creating long-term relationships with clients at every opportunity. We cannot forget that public accounting has and always will be a people business. While it has a little bit to do with number crunching, most clients want to hire and retain a professional they trust and respect.

That includes you. Whether it is your first year as a CPA or you are a seasoned senior CPA, you are making direct contact with clients on a more frequent basis than many of your managers, directors and partners. As a result, your daily interactions with clients should not just be about getting the answers you need to complete your work papers. Instead, your client interactions should include a conscious effort to build credibility and a personal relationship.

Here is a collection of easy things you can do to start building positive relationships with new and existing clients.

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Beyond the Tax Return: Transition to Trusted Adviser

Trusted-adviserIs this a scenario you could relate to during busy season? It’s one of those days. Your schedule is jam packed. You’re working in overdrive to get it all done. The next thing you know, the receptionist buzzes you with news that one of your clients is in the lobby to drop off some paperwork. They would like to see you if you have a few minutes.

“ARGGHHH…not today!” you’re thinking. “I just don’t have time.” As tempting as it would be to decline the last minute request, you’re mindful that a client is right there in your office. That means you have the opportunity to amp your trust factor while they’re visiting. Maintaining a hands-off approach can make client retention tough. In my practice, the biggest complaint we hear from prospective clients who are considering a new firm is that their current tax expert never talks to them.

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5 Facts Recruiters Need to Know about Millennials

Young-professionalIs your CPA firm involved in the scramble for talent? As I give presentations and work with CPAs around the country, it seems like many CPA firms are in hiring mode. Increasingly, I’m telling these firms that to remain competitive, they must understand their younger recruiting candidates—Millennials. Millennials are the generation born roughly between 1980 and the early 2000s.  I tell CPA firms, if they want to get into the Millennial brain, they should be aware of five important facts.

Fact #1: Millennials are poised to take on more responsibility. The oldest members of this generation have now entered their thirties. With about 10 years on the job, they have built the kind of experience that CPA firms need to remain successful. However, if they don’t believe the firm offers them the opportunity to grow and contribute, these younger professionals won’t hesitate to move on to a better option.

The takeaway for CPA firms: Employee surveys or one-to-one discussions can help you better understand staff expectations.

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A Business Model with No Managers? Yes, it Works

Lone-businessmanThere’s a lot of talk within public accounting about altering the existing business model to adapt to a changing marketplace and the evolving needs of our clients and staff. At my six-person firm, we decided to take a leap into the future by completely rethinking our business model. In July 2012, we went from a traditional firm—one with an office and a hierarchy—to a digital practice where there are no managers. Virtual means a lot of things to different people, and for us it meant closing our doors on our traditional office location. We tried it as an experiment beforehand, and it worked so well we decided to switch completely.

At the same time, we also instituted a Results Only Work Environment, in which we rate performance, not attendance. For us, that also meant doing away with the management structure. I lead the firm and set our future direction, but I don’t know what anyone is doing throughout the day. In fact, no one oversees what our team members do all day—or tracks their vacations or time off--as long as they achieve the required results for the firm.

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